Unusual 11 Mid-Day Movers 9/26: (ARRY) (SMMT) (ACTA) Higher; (PTIE) (DRRX) (SALE) Lower

September 26, 2016 12:46 PM EDT

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Array BioPharma (Nasdaq: ARRY) 64.1% HIGHER; Array BioPharma and Pierre Fabre jointly announced top-line results from Part 1 of the Phase 3 COLUMBUS (Combined LGX818 Used with MEK162 in BRAF Mutant Unresectable Skin Cancer) study evaluating LGX818 (encorafenib), a BRAF inhibitor, and MEK162 (binimetinib), a MEK inhibitor, in patients with BRAF-mutant advanced, unresectable or metastatic melanoma. The study met its primary endpoint, significantly improving progression free survival (PFS) compared with vemurafenib, a BRAF inhibitor, alone.

Pain Therapeutics, Inc. (Nasdaq: PTIE) 54.0% LOWER; announced that it has received a Complete Response Letter (CRL) from the U.S. Food and Drug Administration (FDA) on the resubmission of its new drug application (NDA) for REMOXY ER (oxycodone capsules CII). The CRL informs that REMOXY ER cannot be approved in its present form and specifies additional actions and data that are needed for drug approval.

DURECT Corporation (Nasdaq: DRRX) 32.1% LOWER; reacting to REMOXY ER news today.

Summit Therapeutics plc (Nasdaq: SMMT) 23.5% HIGHER; received Fast Track designation from the US Food and Drug Administration for ezutromid in the treatment of DMD. Ezutromid is a utrophin modulator and represents a potential disease modifying treatment for all patients with the fatal muscle wasting disease DMD.

RetailMeNot Inc. (Nasdaq: SALE) 21.0% LOWER; Stifel downgraded RetailMeNot from Hold to Sell with a price target of $9. Analyst Scott W. Devitt said third-party data suggests third quarter traffic has deteriorated.

SkyPeople Fruit Juice, Inc. (Nasdaq: SPU) 17.6% LOWER; announced that on September 19, 2016, the Company received a letter from Wei Wei & Co., LLP ("Wei Wei") stating that it would cease its services as the independent registered public accounting firm of the Company, effective from September 19, 2016. Shares resumed trading today.

Universal Technical Institute Inc. (NYSE: UTI) 17.3% LOWER; AdvanSix Inc. will replace Universal Technical Institute Inc. in the S&P SmallCap 600 after the close of trading on Monday, October 3.

Actua Corporation (Nasdaq: ACTA) 15.9% HIGHER; announced that it has entered into a definitive agreement with an investor group led by Vista Equity Partners under which it will sell GovDelivery, the leading provider of cloud-based government communications software solutions, for $153 million in cash, subject to certain adjustments, including working capital, cash, debt and other items. The transaction is subject to customary closing conditions and is expected to close in the fourth quarter of 2016.

Chemtura Corporation (NYSE: CHMT) 15.8% HIGHER; announced that it has entered into a definitive agreement pursuant to which LANXESS AG (“LANXESS”), a global specialty chemicals company, will acquire Chemtura in a transaction valued at approximately $2.5 billion.

GW Pharmaceuticals plc (Nasdaq: GWPH) 15.2% HIGHER; announces positive results of the second randomized, double-blind, placebo-controlled Phase 3 clinical trial of its investigational medicine Epidiolex (cannabidiol or CBD) for the treatment of seizures associated with Lennox-Gastaut syndrome (LGS), a rare and severe form of childhood-onset epilepsy.

Lipocine Inc. (Nasdaq: LPCN) 11.8% HIGHER; reported positive top-line results from a Phase 2b clinical study of LPCN 1111, a novel oral testosterone replacement therapy ("TRT") product candidate. The primary objectives of the study were to determine the Phase 3 dose of LPCN 1111 along with the safety and tolerability of LPCN 1111 and its metabolites following oral administration of single and multiple doses in hypogonadal males.

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